Carr’s profit soars after Pye Bibby buy

Carr’s Milling Industries has seen its interim profit rocket after taking over part of the ailing Pye Bibby feed empire last year.

Revenue in the six months to March was up 41% to £110m and adjusted pre-tax profit rose 18.2% to £4.57m, but the contribution of the group’s agriculture division fell again.

Feed milling and specialist fertiliser supply remain Carr’s core activities and both sectors have had a difficult trading year.

A £2.3m cash boost raised from the sale of former Pye mills in Shropshire and Cumbria will not appear on the balance sheet until the second half of the year.

Meanwhile the flour business, which expanded last year with the acquisition of Meneba UK, saw operating profits grow to over 1m.

Investec Securities forecast year-end sales of £238m for the group as a whole and upped its stock rating to “buy”.